Mr. John Wisbey reports

INTERNATIONAL LITHIUM'S PHASE 3 DRILLING RETURNS 2.25% LI2O OVER 15.82M, AND 1.21% RB2O OVER 3.98M AT RALEIGH LAKE LITHIUM PROJECT, ONTARIO, CANADA

International Lithium Corp. has released assay results for phase 3 of the diamond drilling program at zone 1 of the Raleigh Lake lithium project near Ignace, Ont., Canada.

The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of adjoining mineral claims 100 per cent owned by International Lithium. It is not subject to any encumbrances and is royalty free. It is located less than 20 kilometres directly west of the township of Ignace, Ont. It distinguishes itself from other lithium projects in Canada by being very well situated near to major public infrastructure; the Trans-Canada Highway, with direct access to Thunder Bay on Lake Superior, is less than six kilometres north of the project, as is the mainline of the Canadian Pacific Railway, natural gas pipelines and the hydro power line junction at Raleigh Lake

Drilling highlights

• All phase 3 holes testing pegmatite 1 in zone 1 intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body.
• Thicker and higher-grade mineralization intersected closer to surface, as anticipated.
• Phase 1, 2 and 3 pierce points have intersected pegmatite 1 along a strike length of over 800 metres and along its dip for over 400 metres.
• All results from phase 3 are to be included in the upcoming mineral resource estimate.

Pegmatite 1 spodumene zone intersection highlights:

• RL22-45: 4.85 metres grading 2.06 per cent Li2O (lithium dioxide) in lower spodumene zone (from 89.5 metres);
• RL22-48: 15.82 metres grading 2.25 per cent Li2O (from 65.56 metres);
• RL22-49: 2.21 metres grading 2.47 per cent Li2O (from 72.69 metres);
• RL22-50: 4.62 metres grading 2.29 per cent Li2O (from 56.12 metres);
• RL22-56: 2.96 metres grading 2.13 per cent Li2O (from 72.42 metres).

Pegmatite 1 rubidium-bearing microcline intersection highlights:

• RL22-45: 3.98 metres grading 1.21 per cent Rb2O (rubidium dioxide) from 85.52 metres;
• RL22-57: 4.69 metres grading 0.6 per cent Rb2O from 152.51 metres.

Other highlights for the Raleigh Lake project

Airborne geophysical survey

The company has completed a mobile MTm electromagnetic and horizontal gradient magnetometer airborne geophysical survey, conducted by Expert Geophysics Ltd. based in Aurora, Ont. The survey over the greater Raleigh Lake area consisted of 6,308 line kilometres; it has provided detailed information on lithologies and structures in an area of approximately 540 square kilometres. The data are currently being prepared for detailed interpretive work ahead of the 2023 field exploration season.

Ontario Junior Exploration Program (OJEP) funding award

The company had applied for funding under the OJEP initiative in 2022 and qualified for the maximum distribution amount for any single project of $200,000. The first $60,000 was received in late 2022, with the remaining $140,000 expected in April, 2023.

Regional exploration drilling

The company drilled 398 metres in eight holes targeting regional lithogeochemical targets developed from earlier exploration programs. Some thin veins were intersected in some of the holes and the company is still waiting on analytical results for these drill holes. The goal will be to correlate the drill results with the surface anomalies and determine the potential for spodumene bearing pegmatite bodies to be present in the vicinity of the anomalous lithogeochemical target areas.

Two thousand twenty-two drilling campaign at Raleigh Lake

Further to the company's news releases dated Feb. 9, March 21, May 17, June 23 and Sept. 20, 2022, International Lithium completed 9,894 metres core drilling at the Raleigh Lake project in three phases during 2022 (see the associated table). Phase 1 ran during the winter months of March and April, 2022, where nine holes were drilled for a total of 1,973 metres. Phase 2 ran from May 12 to June 30, 2022, drilling 4,198 metres in 26 holes. Phase 3 ran from Sept. 27 to Nov. 9, drilling 20 holes for 3,325 metres on zone 1, where the calculation of maiden mineral resource estimate is under way, and from Nov. 10 to Nov. 30, 2022, with eight holes (398 metres) on peripheral exploration targets. All drill holes at zone 1 intersected spodumene-bearing pegmatite.

Phase 3 drilling

Twenty of the 28 holes drilled during phase 3 of the 2022 drilling campaign were cored in zone 1 and continued to test the up-dip and eastern extent of pegmatites 1 and 3 while also providing peripheral and infill drilling to help refine the maiden resource estimate currently under way. Zone 1 is a stacked set of shallow-dipping pegmatite dikes that make up the main resource target area at the Raleigh Lake project.

Zone 1 pegmatites have been defined by drilling and surface exposures in an area exceeding 800 metres by 400 metres for pegmatite 1. The phase 2 and 3 drill holes were drilled interstitially to historic drill holes and the company's previous drilling. Pierce points were planned to be at approximately 50 metre step outs from one another where possible in preparation for a maiden resource calculation with a better-defined core zone of pegmatite 1 and its associated rubidium-rich component.

The high-grade core of pegmatite 1 is trending up-dip toward its surface exposure. The stacked pegmatites of zone 1 appear to be converging down dip, plunging to the south below drill hole RL21-04.

The eastern extents of the zone 1 pegmatites are known to terminate at the contact with the Raleigh Lake pluton located approximately 100 metres east of RL22-57, which intersected 4.69 metres grading 0.6 per cent Rb2O from 152.51 metres downhole (see the associated table). Therefore, the company believes there is considerable room to grow the deposit in this direction.

The main zone 1 pegmatites appear to thin trending along strike to the southwest along a major structural conduit. This potential control on pegmatite emplacement, that continues for several kilometres toward the two mica granite, has not been tested further along strike. The company believes that significant potential exists along this structural trend for additional pegmatites to be discovered.

Modelling of the stacked pegmatites at zone 1 for the purpose of calculating a mineral resource estimate has confirmed that the zone 2 pegmatites, which dip consistently to the southeast, project below pegmatites 1 and 3 at zone 1. The potential of these spodumene-bearing dikes to host mineralization that can be added to the maiden resource will be investigated in future drill programs.

A summary of the analytical results for phase 3 is given in the associated table.

Quality assurance/quality control procedures

International Lithium Corp. has implemented a rigorous quality assurance/quality control program to ensure best practices in sampling and analysis of diamond drill core. All assays are performed by Activation Laboratories Ltd. (Actlabs), with sample preparation and analysis carried out in its full-service facility in Dryden, Ont. Sample preparation involves crushing the entire sample to 80 per cent passing two millimetres, riffle split 250-gram and pulverize to 95 per cent passing 105 micrometres (code RX1).

Primary analysis method: Peroxide (total) fusion, ICP-OES & ICP-MS with 55 elements that include detection levels for Li of 15 ppm (parts per million) to 50,000 ppm and rubidium of 0.4 to 5,000 ppm (lab code UT7). Sodium peroxide fusion provides total metal recovery and is effective for the decomposition of sulphides and refractory minerals which are common to pegmatite.

Overlimit analysis method: Samples that return with results above the instruments detectable levels for lithium (50,000 ppm) and Rb (5,000 ppm) are then reanalyzed by assay-grade peroxide (total) fusion (Code 8 peroxide ICP-OES).

The drill program was under the control of a professional geoscientist registered with Engineers & Geoscientists British Columbia. The company and its contractors carried out the program under full compliance with COVID-19 protocols based on guidelines issued by Public Health Ontario and provincial health authorities of Ontario to ensure the safety and health of all personnel.

Patrick McLaughlin, PGeo, a qualified person, as defined by National Instrument (NI) 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.

About International Lithium Corp.

International Lithium believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, the company has seen the clear and increasingly urgent wish by the United States and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. The company's Canadian projects are strategic in that respect.

The company's key mission in the next decade is to make money for the company's shareholders from lithium and rare metals while, at the same time, helping to create a greener, cleaner planet. This includes optimizing the value of the company's existing projects in Canada and Ireland, as well as finding, exploring and developing projects that have the potential to become world-class lithium and rare metal deposits. The company has announced separately that the company regards Zimbabwe as an important strategic target market for International Lithium; the company hopes to be able to make announcements over the next few weeks and months.

A key goal has been to become a well-financed company to turn the company's aspirations into reality; following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January, 2022, the board of the company considers that International Lithium is now well placed in that respect with a strong net cash position.

The company's primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.

The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is International Lithium's most significant project in Canada. The exploration results there so far, which are on only about 8 per cent of International Lithium's current claims, have shown significant quantities of rubidium and cesium in the pegmatite, as well as lithium. Raleigh Lake is 100-per-cent-owned by International Lithium, is not subject to any encumbrances and is royalty free.

With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage, as well as portable electronics, lithium has been designated the new oil, and is a key part of a green tech sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, International Lithium aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the 20s, the decade of battery metals.

We seek Safe Harbor.